Interesting...so Mencel said that costs are on track to $160-180 per tonne, and as at 30 June 2024 below $200 per tonne. If we take pink sheet price, then they should be making about $20 per tonne this quarter.
Shipping wise - Wisdom appears to be 25kt and Ken Rei about 20kt.
Based on previous already downgraded guidance, they need to export another 210kt before end of the year. That's 10 ships x 20kt...I am not confident they don't stuff up as usual.
If the margin is correct, and the production and shipments are on track, we could be looking at a very quick rerate towards 10c at least. Key is in next few announcements, especially September quarterly.
CXM Price at posting:
3.4¢ Sentiment: None Disclosure: Held
